MADRID, April 9 (Reuters) - Property developer Martinsa Fadesa said on Thursday a court had begun its liquidation, seven years after it became one of the most notable casualties of Spain's real estate crash and filed for bankruptcy.
The liquidation, after a struggle with creditors over a debt pile of close to 7 billion euros ($7.52 billion), is one of the country's biggest ever bankruptcies.
Spanish property prices reached a peak in 2007 and have plunged some 40 percent since - dragging the economy into recession, sending developers to the wall and later sparking a banking crisis as lenders choked on souring real estate debts.
Martinsa Fadesa, born out of the merger of two big property groups just before the real estate bubble burst, had tried to strike a deal with its banks, asking them to write off large chunks of its loans and swap debt for assets.
The banks, which held about 4 billion euros of the 6.65 billion euros in debt Martinsa had as of June last year, rejected the plan. They have already made heavy provisions against losses on the company's loans.
KPMG and Bankinter, which is representing bank creditors, will steer the liquidation process. ($1 = 0.9310 euros) (Reporting by Carlos Ruano, Writing by Sarah White; Editing by Elaine Hardcastle)
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